Motions for Extension of Deadline to Submit Bids for Diamond
Belron has filed a motion for an extension on
the deadline to submit bids for the purchase of Diamond Glass. In
addition, the company motioned to seal the extension motion, citing
that "the status of the discussions between [Diamond] and Belron
is described and detailed throughout the Bid Extension Motion
Belron chief executive officer Gary Lubner had previously told glassBYTEs.com/AGRR
magazine that the company had an "interest" in exploring
the purchase of Diamond Glass. (CLICK
HERE for related story.)
Along with a request for extension of the bid deadline, Belron
also motioned for the court to adjourn the auction and sale hearing
for approximately two weeks. Currently, bids are due on June 3,
the auction is slated for June 5, and the court has scheduled a
hearing to review the sale on June 6.
Belron is requesting that the motion be heard at the next regularly
scheduled hearing in the case on this Friday, May 23, and that objections
to the motion be filed by Wednesday, May 21.
"In the absence of such relief, Belron's interests and the
interests of the Debtors' estate in maximizing the proceeds of any
sale may be frustrated," reads the motion, filed over the weekend.
The company adds, "The prompt consideration of the Motion
is essential to protect Belron's interests and to maximize value
to the Debtors' estates."
The motion was made on behalf of Belron by Laura Davis Jones, Michael
R. Seidl and Timothy P. Cairns of Pachulski Stang Ziehl & Jones
LLP and Jeffrey W. Levitan and Steven L. Kirshenbaum of Proskauer
Rose LLP, co-counsel for Belron International Ltd. and Belron US
Need more info and analysis about the issues?
HERE to subscribe to AGRR magazine.